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The Bonds will be issued as conduit revenue obligations of the City of Bethel secured solely by the revenues <br />derived from the loan or other revenue agreements executed by the Borrower and from other security <br />provided by the Borrower. The Bonds will not constitute a general or moral obligation of the City, will not <br />be secured by or payable from any property or assets of the City, and will not be secured by any taxing power <br />of the City. The Bonds will not be subject to any debt limitation imposed on the City and the issuance of the <br />Bonds will not have any adverse impact on the credit rating of the City, even in the event that the Borrower or <br />the School encounters financial difficulties with respect to the Project. <br />The issuance of the Bonds by the City of Bethel will not negatively affect the issuance of any general <br />obligation bonds by the City or their designation as bank qualified for purposes of Section 265(b)(3) of the <br />Code. <br />I will attend the City Council meeting on August 5, 2024, and can answer any questions that may arise during <br />the meeting. <br />Sincerely, <br />Gina Fiorim <br />BE250-29-964449.v2 <br />Page 109 of 159 <br />